CFTC Chairman Selik disclosed that the agency is preparing for a 24-hour marketplace on the blockchain.

CFTC Chairman Selig says the agency is preparing for a "24-7 on-chain " marketplace.

Chairman of the U.S. Commodity Futures Trading Commission (CFTC) Mike Selig said that the agency is preparing to handle the market's transition to a "24-7 on-blockchain" format.

During an interview with CNBC last Wednesday, he noted that it's an exciting time for regulatory oversight of markets related to crypto and artificial intelligence.

The CFTC is accelerating its push for regulation of the crypto industry, even weeks before Congress will drop a long-awaited draft of the Clarity Act. Selig said the agency would continue to help President Trump "do his job" in regulating digital assets.

"Our market is developing rapidly", Selig said, "and we have to review all the new regulations to make sure that it's ready for transition through a 24-7 blockchain and automated marketplace driven by algorithms and agent-based finance".

The Clarity Act is intended to divide the scope of regulatory authority among official agencies by clearly specifying which types of digital assets fall into the category of securities, commodities or stablecoins.

But such a bill has been stalled throughout the year because of lobby groups in the banking sector opposed to cryptocurrency companies paying stablecoin fees to customers, while some politicians particularly Democrats have concerns about the ethics of the bill.

President Trump received support from major players in the industry during his election campaign, and since taking office, his family's income has been derived from digital assets. Some politicians have accused him of conflicts of interest, but the White House has consistently denied any wrongdoing.

Although Congress has yet to pass the draft Clarity Act, the CFTC and the U.S. Securities and Exchange Commission (SEC) are in the process of preparing further regulations. The CFTC just submitted a proposal to the White House last week to regulate cryptocurrency trading and markets.

While SEC approved the sale of tokens in the same week and last August, the agency also proposed a regulatory framework to oversee its own crypto asset offerings, although significant legislation is still pending.

Selig previously served as a senior legal advisor to the SEC Crypto Working Group and was cited by White House Chief of Staff David Sacks for "playing an important role in driving the president's crypto agenda".

President Trump's own administration in August called on Congress to push for passage of the draft Clarity Act, calling it "incredibly powerful".

This article was first published on Bitcoin Magazine by Mathew Di Salvo